Geothermal ORC Market Size - By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), Regional Outlook, Competitive Market Share & Forecast, 2023 - 2032

Geothermal ORC Market Size - By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), Regional Outlook, Competitive Market Share & Forecast, 2023 - 2032

Geothermal Organic Rankine Cycle (ORC) Market is expected to witness a 13.5% growth rate during 2023 and 2032, driven by increasing emphasis on sustainable energy solutions, expanding demand for electricity, and advancements in geothermal technology.

According to UNEP report in 2022, renewable power and fuel investment hit a new high at US$ 366 billion for the fourth consecutive year. Solar and wind power achieved a groundbreaking feat, supplying over 10% of global electricity for the first time, indicating a rising preference for sustainable energy. With environmental concerns driving policy changes and corporate sustainability initiatives, there is an increasing focus on harnessing renewable energy sources. Geothermal ORC technology presents a clean and efficient way to tap into the Earth's natural heat, offering a reliable & consistent power generation method. As the global transition towards cleaner energy solutions will augment the industry growth.

The global geothermal Organic Rankine Cycle (ORC) market is classified based on power output and region.

The >1 – 5 Mwe segment is poised to grow at a notable rate through 2032, owing to the convergence of innovative technologies with the escalating demand for clean energy solutions. The allure of this niche lies in its ability to offer viable, scalable solutions for regions seeking to harness the potential of geothermal resources. With a strategic focus on efficiency, reliability, and environmental consciousness, along with the advancements in power generation while adhering to stringent regulatory standards, will boost the demand in >1 to 5 MWe segment.

Asia Pacific geothermal Organic Rankine Cycle (ORC) industry is set for steady growth during the forecast period driven by rising demand for sustainable energy alongside the need to achieve 2030 climate goals. Countries such as Indonesia, Philippines, and New Zealand, known for their abundant geothermal resources, are actively investing in harnessing this clean energy. Moreover, collaborative efforts between public and private sectors, promoting R&D in geothermal technologies, further bolster the growth prospects for the market.

Meanwhile, Europe geothermal Organic Rankine Cycle (ORC) market size will expand at a fast pace during 2023-2032, attributed to the stringent environmental regulations coupled with the escalating urgency to curb carbon emissions, leading to a shift towards renewable energy sources. The supportive government policies, coupled with substantial investments in R&D initiatives, have fostered technological advancements, enhancing the efficiency and cost-effectiveness of ORC systems. Additionally, the continent’s extensive untapped geothermal potential and the concerted efforts towards energy independence is creating a conducive market outlook.